May 30, 2007

Variable Student Loan Interest Rates Rise Slightly July 1, 2007

Posted in Parent PLUS Loans, Stafford Loans, Student Loan News, The Financial Aid Process at 9:26 AM by Joe From Boston


Student loan interest rates for federal loans disbursed between July 1, 1998 and June 30, 2006 will rise slightly when the rates are reset on July 1, 2007.

The interest rate for Stafford loans in repayment will change from 7.14 to 7.22 percent. Stafford loans in an in-school, grace or deferment status will change from 6.54 to 6.62 percent.

PLUS loans will increase from 7.94 to 8.02 percent. The U.S. Department of Education will officially announce these changes in the near future.

For Stafford loans disbursed on or since July 1, 2006, the interest rate remains fixed at 6.8 percent and PLUS loans disbursed on or after July 1, 2006 remain fixed at 8.5 percent.

To read more, visit http://www.treasurydirect.gov/RI/OFBills and http://www.financialaidpodcast.com/2007/05/30/fap544-new-student-loan-rates-set-latinos-and-financial-aid-military-student-loans-sophia-ramos/

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3 Comments »

  1. For many students, student credits are sought at the start of their college career. Most students do work in a part-time job; however, this is not always enough to cover the many expenses of college. With student credits, the student can keep their attention on things such as studies and classes, without having to worry about many expenses. The great thing about student credits is that for the entire time you are in college full-time, the loan will not need to be repaid until you have finished college for good and graduated in your degree.

  2. Hi Sylvester,

    You’ll have to call the company you talked to initially. I work for the Student Loan Network, and we don’t have any employees by that name. You spoke with someone at a different company and I don’t know what company that is so I can’t help you.

    It sounds like you were trying to consolidate your loans. Good luck!

  3. I spoke to a counselor by the name of Amina Ward and she was to send an application for me to lower my payments from $143 to $72.00 and I have not to this date have received that information. I do not have the account number at this time but it is in Sylvester Prothro, 5900 Sutherland Drive, Sutherland, VA 23885. Please research and send the necessary information. She explained to me that you all had given me an extension to lower my rate so I can get a lower payment.

    Please send back to this email address asap.


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